House repairs

[karm43]

I was reading awhile ago that you can claim a certain percent for home repairs. Does anybody know what the percent is?

[lrprn]

What's tax deductible in 2011 are energy-saving repairs and upgrades (unfortunately less than was allowed in 2010). The amount you get to deduct depends on the improvement.

Here's a reliable link that explains the specifics and amounts for each kind of improvement - http://www.energysavers.gov/financial/70010.html . Hope some of your house repairs are on the list!

[karm43]

I mean what can you claim on your expence list for monthly house repairs.

[ValleYum]

Mint.com (based on a University of Illinois Extension service report) suggests budgeting 1-2% of the cost of your home (and maybe more depending on age) for your yearly maintenance budget. There really is no set home maintenance amount for your Schedule J in BK because the amount you are allowed for maintenance in the Non-Mortgage portion of the Local Housing and Utilities Standards when performing the means test is usually inadequate. Your lawyer should tell you what will fly in your district.

http://www.mint.com/blog/goals/home-repair-02022011/

For example: In my county for 2 people, the Non-Mortgage portion of the Local Housing and Utilities Standards is $435. That is supposed to cover: maintenance, repairs, gas, electric, water, heating oil, garbage collection, telephone, cell phone, internet, and cable. Minimum water bill in our city is $65 as is the minimum garbage/recycling bill. Electricity and gas are another $100-200 each per month. That makes $430 per month on average. So, I have $5 to cover home telephone, cell phone, internet, cable, maintenance and repairs. Ummmm... I can't afford a $27 furnace filter 4 times per year as recommended on this budget!

[karm43]

Oh no my utilities are really way over that.. I have my bills to prove that. For instance I live where you have to have cable because you will not get any service at all. I have all electric and I live where it is cold. I wonder what happens if you areover. Depressed!!!!

[GoodyYearCap]

I was told by our attorney (Colorado) that unexpected house repairs don't really count. That it is the regular maintenance of the home that is accounted for monthly.

[ValleYum]

karm? Don't be depressed! The utility amount I listed was for my county and state - look yours up here:

http://www.justice.gov/ust/eo/bapcpa...anstesting.htm And select the housing section then enter your state - there is a list of counties on a spreadsheet then you to look up the amount based on the number of people in your family.

If you have bills and payments to back it up - that is all you need. We put down actual expenses on our Schedule J and I hope you can, too.

Goody? A lot is going to depend on your district, your trustee and your attorney. Some attorneys fight for both maintenance and an appliance or roof repair fund and some know it will do no good in their area.